The legal marijuana industry is currently one of the fastest-growing industries in the United States. According to a report attained by The Huffington Post, it is predicted that within the next 5 years, legal marijuana is expected to surpass the earnings of the US film industry, the organic foods industry, and more than triple the revenues of the NFL. Now, that’s a lot of green…
Recently, more people are beginning to realize the potential of the legal marijuana industry, and there’s no surprise in that. The legal marijuana industry is currently estimated at $2.7 billion in annual sales and is predicted to generate roughly $8 billion in revenue by 2018. For those of you who have trouble with math, that’s only TWO years away. It’s pretty clear why so many people are packing up their bags and heading out west in search for gold, or should I say green.
Where does the industry stand as of right now?
As of today, about 62% of Americans already live in states where marijuana is either legal for medical or recreational use or both. As more states take steps toward legalization, this number will continue to grow.
Now let’s take a look at how much each state has generated in just its first year from marijuana sales…
Colorado: $573 million
Oregon: $11 million in first week
Washington: $257 million
Alaska has not begun selling marijuana in local dispensaries but is currently the only state that is set to open a ‘pot cafe’ in 2016… Don’t worry, Alaska. We promise to wait for you.
It’s inevitable that these numbers will continue to climb, which allows us to predict just about how much moolah legal marijuana will generate over the next few years or so.
This is what we can predict
A report by the ArcView predicts that in the next five years, 14 more states will legalize marijuana for recreational use and two more states will legalize it for medical. So, we’ll have more legal states, which equals more marijuana, thus equaling more money. Boom.
A lot of this growth, according to IBISWorld, should come directly from the increasing popularity of edibles, which will help the industry generate up to $8.4 billion by 2019. More growth means more businesses, and the number of businesses in the industry is expected to climb almost 20 percent per year over the next five years, bringing the total number of marijuana-related businesses to more than 8,000. Damn, that’s a lot of jobs.
Want to get involved?
So, you’ve gone over all of this information and have decided that working in the legal marijuana industry sounds better than just dreaming about it in your office cubicle.
Well, congratulations! You’re in luck since there are many ways to get involved.
You can… (to name a few)
- Make edibles, yum.
- Become a concentrates processor… sounds intimidating.
- Be a glass merchant (including vapes.)
- Serve and protect your dispensary as a security officer.
- Review different strains so you can finally show off those Yelp skills.
- Trim the buds… somebody has to do it.
- Assist customers in dispensaries as a budtender
- Become a grower and/or seed harvester. I’m sure it’s not as primitive as it sounds…
Sounds awesome, right? Right. And the opportunities don’t stop here, there are even more ways to get involved.
As the marijuana industry continues to grow, more people will be getting involved and others will be scratching their heads wondering why they chose not to. There is no doubt that this is a booming industry, which will ultimately lead to more jobs and more stability for our nation and its economy.
Do you think more people will begin to realize the potential of the marijuana industry? Let us know on social media or by commenting below.
Latest posts by Abbi Magder (see all)
- Virginia Could Soon Have Medical Cannabis - October 5, 2016
- Congress Shuts Down Medical Cannabis For Veterans - October 4, 2016
- This Week In Cannabis & Politics: Missouri’s Medical Push; Debunking The Gateway Theory; Senator Graham’s Surprise - September 27, 2016
Want to join the HERB writing community? Submit your story!